DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX:SSN) (NYSE MKT:SSN) advises on the following operations:
North Stockyard (Samson operated North Tier)
The Sail and Anchor 3-13-14 HBK well is presently drilling ahead in the Lodgepole Formation at a measured depth of 11,514 feet. The kick-off point for this 8-3/4 inch curved portion of the hole was reached on May 10th. Sail and Anchor is targeting the Middle Bakken zone, which is produced in the offset wells.
The forward plan is to continue drilling the intermediate hole to a depth of 11,660 feet, where a 7 inch intermediate casing string will be set after which a 6,300 foot horizontal section will be drilled in the Middle Bakken.
South Prairie Project (Samson 25% non-operated working interest)
The drill permit for the Matson #3-1 well located in Ward County, ND was approved on May 10th by the North Dakota Industrial Commission. The Matson #3-1 well is scheduled to spud on June 10th by the drilling contractor CanElson USA Inc. The Matson #3-1 well will be drilled to a total depth of 4,900 feet to test a 420 acre 4-way structural closure in the Glenburn zone of the Mississippian Mission Canyon Formation. This same zone has produced over 2.5 million barrels of oil just 2 miles to the northeast from a similar type of trap at South Glenburn Field.
About Samson Oil & Gas Limited
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,813 million ordinary shares issued and outstanding, which would be the equivalent of 141 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.49 per ADS on May 13th, 2013 the Company has a current market capitalization of approximately US$69 million. Correspondingly, based on the ASX closing price of A$0.024 on May 13th, 2013, the Company has a current market capitalization of approximately A$67.5 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical facts may be forward-looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”
Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward-looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any of Samson’s securities, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful without registration or qualification under the securities laws of the jurisdiction. While Samson has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed Rights Offering to its shareholders, that offering will be made only by means of a prospectus. The U.S. prospectus and prospectus supplement for the Rights Offering are available at www.sec.gov/edgar/searchedgar/webusers.htm. The Australian prospectus is available at www.asx.com.au. A copy of the U.S. prospectus and prospectus supplement may be obtained from the information agent, Georgeson Inc. at (800)-213-0473.
A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for the Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
